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No. You don't have to pay taxes on ANYTHING left to you. It's a gift, and the person (or estate) leaving it to you would have to pay any estate taxes.
Also, when you sell the stocks (for capital gains) you will only be taxed on the increase in value from what they were worth the day your benefactor died, something called the "stepped-up basis".
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What taxes do you pay if you live and work in New York?
In the state of New York you would pay income tax and sales tax. If you own property you would pay real estate taxes to your town/city and county. If you buy gasoline for use in a car or other road vehicle you would pay gasoline tax. If you stay in a hotel you will pay hotel taxes. If you buy cigarettes or liquor you will pay separate taxes on those products. If you run a company, you will pay payroll and business taxes. If you buy or sell stocks or bonds you will pay taxes on those transactions.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
Do you pay taxes on dividends and capital gains for ADR stocks by filing returns in the foreign countries or is the tax withheld automatically?
Your dividend statements should say whether tax has been withheld or not, this could come under 'franked amount' (which means tax has been paid on this particular dividend) or maybe you have an amount under 'foreign tax credit' which is the amount you claim in your country so you don't pay tax twice. If you only have unfranked amounts that means tax hasn't been paid on that dividend. From experience in Australia you do not have to file overseas if you have dividends in another country as the tax you pay in Australia is based on all forms of income made in Australia and made outside of Australia so you would file in your own country to pay the tax on the dividends. Under no circumstances would you have to pay tax in both countries in regards to the dividends.
You are JTWROS Do you pay tax as a survivor?
I am a survivor on a jtwros account. Do i pay tax if it is under @600.000. Or do i just pay tax on the interest?
Do you have to claim money on your tax return that you inherited?
If you just inherited a bag full of money, no. If you inherited a tax deferred account like an IRA, 401k, or pension, you may have to pay tax when you take the money out. If you inherited property such as a house or stocks, you may have to pay taxes on the growth in value between the date of death and the date you sold the property. If you inherit US Savings Bonds, you may have to pay tax on the interest when you cash them in, including interest earned during the life of the deceased if the deceased was not declaring the interest annually on his or her taxes.
What is STT in Investments?
STT is securities and transaction tax; its a tax one has to pay for buying and selling shares (stocks) on stock market
What is death tax and who does it effect?
A death tax is the tax that is charged to the heirs of any person who has died and left them real estate, personal property, stocks and bonds and cash.
What are some advantages of having an ESOP stock?
There are a number of potential advantages of having an ESOP stock. There are tax benefits in that stocks are tax deductible and employees pay no tax on contributions they make to the fund.
Is there a inheritance tax on stocks?
Yes
Do you have to pay taxes on stocks?
You have to pay taxes on the profits when you sell or otherwise dispose of the stocks. You also have to pay taxes on dividends.
What percentage of tax do you have to pay on commissions from commodities sale?
When claiming commissions on commodities or stocks they are simply added into your total earnings for the year. You get taxed at a rate dependent upon your total earnings ( your tax bracket ).
Is there a tax to pay on being left a house in a will?
Check with an accountant or tax lawyer. Inheritance taxes can vary by country or state.
Do you have to pay taxes on stocks that you bought?
NO -- you will probably have to pay taxes on any income they generate, different types of income are taxed a different rates. If you sell the stock for a profit you will owe some tax, the rate depends on how long you held the investment and your marginal tax rate.
You were left money in a will Do you have to pay taxes on it?
There are many regulations regarding inheritence tax. You'll need to talk to your tax attorney or accountant.
Is there in the US capital gains tax on inherited property?
No. In the present system, you pay estate tax and you get a step up in basis and the date of death. But if you hold the house or stocks for several years, you should get the house appraised or get a stock quote and you will pay tax on the price change while you own it. Estate tax exemption changes from year to year. Right now it is several million, so if you are inheriting less than several million, it is tax free. Check with IRS for details. No. In the present system, you pay estate tax and you get a step up in basis and the date of death. But if you hold the house or stocks for several years, you should get the house appraised or get a stock quote and you will pay tax on the price change while you own it. Estate tax exemption changes from year to year. Right now it is several million, so if you are inheriting less than several million, it is tax free. Check with IRS for details.
What taxes do you pay if you live and work in New York?
In the state of New York you would pay income tax and sales tax. If you own property you would pay real estate taxes to your town/city and county. If you buy gasoline for use in a car or other road vehicle you would pay gasoline tax. If you stay in a hotel you will pay hotel taxes. If you buy cigarettes or liquor you will pay separate taxes on those products. If you run a company, you will pay payroll and business taxes. If you buy or sell stocks or bonds you will pay taxes on those transactions.
Do stocks that don't pay dividends have value?
The value for anything is whatever someone else is willing to pay for it. This is true for baseball cards and stocks that don't pay dividends as well.
